Unaudited Net Asset Value at 30 September 2016

Ground Rents Income Fund plc ("the Company")

Unaudited Net Asset Value at 30 September 2016

Ground Rents Income Fund plc (LSE: GRIO), a listed real estate investment trust (REIT) investing in UK ground rents, announces its unaudited Net Asset Value for the six months ended 30 September 2016.

Highlights:

·     Net asset value per ordinary share was 131.9 pence as at 30 September 2016.  This is an increase of 10.9% from 31 March 2016.

·     3 properties acquired for £1.7m excluding costs in H2 2016.

The unaudited net asset value ('NAV') per share of the Company as at 30 September 2016 was 131.9 pence.  This is an increase of 10.9% over the net asset value of 118.9 pence per share at 31 March 2016. 

The increase in the net asset value has been driven by the uplift in the external portfolio valuation by Savills as at 30 September 2016

Breakdown of NAV movement

Set out below is a breakdown of the change to the unaudited NAV per share calculated under IFRS over the period from 1 April 2016 to 30 September 2016:

 

Net Assets per unaudited interim accounts as at 1 April 2016	£110.7m
Profit for H2 2016	£1.8m
Revaluation Gain less Costs of Acquisition	£12.4m
Issue of Share Capital	£0.1m
Dividends Paid H1 2016	(£ 1.8m)
Net assets per unaudited accounts as at 30 September 2016	£123.2m

 

The net asset value is calculated under International Financial Reporting Standards ("IFRS") and is unaudited.  The NAV per share is calculated using 93,402,011 shares of 50 pence each being the number in issue on 30 September 2016.

Further information will be given in the audited statutory accounts of the Company for the year ended 30 September 2016 which will be published in December 2016.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

Contacts:

Ground Rents Income Fund plc                                                              

Simon Wombwell (Director)                                                                    020 7499 6424

 

Brooks Macdonald Funds Limited

James Agar (Director)                                                                                  020 7659 3454

 

N+1 Singer (Broker)                                                                                      020 7496 3000

James Maxwell / Liz Yong

 

Tavistock (Media)                                                                                         020 7920 3150

Jeremy Carey / James Whitmore                                                           

 

Appleby Securities (Channel Islands) Limited                                  01481 755600

Kate Storey / Danielle Machon